page_title: Money
section_title: Kinds of money
hierarchical_section_title: Money / Kinds of money
caption_attribution_description: English: US-$10000-Certificate of Deposit-1875 (Proof)
context_page_description: Money can be defined as anything that people use to buy goods and services. Money is what many people receive for selling their own things or services.
  There are many kinds of money in the world. Most countries have their own kind of money, such as the United States dollar or the British pound.
  Money is also called many other names, like currency or cash.
context_section_description: Many types of money have been used at different times in history. These are:
  Cowry shells
  Commodity money
  Convertible paper money
  Inconvertible money
  Bank deposits
  Electronic money
  Commodity money can be used for other purposes besides serving as a medium of exchange. We say it possesses intrinsic value, because it is useful or valuable by itself. Some examples of commodity money are cattle, silk, gold and silver. Convertible paper money is money that is convertible into gold and silver. Gold and Silver certificates are convertible paper money as they can be fully convertible into gold and silver.
  Inconvertible money is money that cannot be converted into gold and silver. Notes and coins are inconvertible money. They are inconvertible and are declared by the government money. Such fiat money is a country's legal tender. Today, notes and coins are the currencies used in bank deposits.
  Types of bank deposits:
  Demand deposits
  Savings deposits
  Time deposits
  Negotiable certificate
caption: US-$10,000 Certificate of Deposit, 1875
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